Accounting IQ — Excel guide
The institutional map: who sets the rules, what public companies file, and the principles underneath every judgment call.
Who sets the rules
FASB writes US GAAP; the SEC enforces it for public companies (and delegates standard-setting to FASB); the PCAOB oversees auditors of public companies; the IASB writes IFRS for most of the rest of the world.
The filings
The SEC paperwork rhythm every public company lives by.
| Form | What it is |
|---|---|
| 10-K | Annual report, audited |
| 10-Q | Quarterly report, reviewed not audited |
| 8-K | Major events between filings — mergers, CEO exits |
| S-1 | IPO registration |
GAAP vs IFRS in one line
GAAP is rules-based and US-only; IFRS is principles-based and global. Headline differences: LIFO (GAAP yes, IFRS no) and impairment reversals (GAAP no, IFRS sometimes).
The judgment principles
Conservatism: when in doubt, the less flattering number. Going concern: statements assume the business survives — auditors flag 'substantial doubt' when it might not. Consistency: pick methods and stick to them so periods compare.